NRG Energy to buy Energy Plus Holdings
Through its marketing partnerships with loyalty program providers, Energy Plus can enroll attractive customer groups and will provide NRG an effective retail platform to expand its customer services and products in multiple retail markets
Princeton, N.J., August 16, 2011 — NRG Energy announced a definitive agreement to acquire Energy Plus Holdings, a Philadelphia-based retail electricity and natural gas provider for $190 million in cash.
Through its marketing partnerships with loyalty program providers, Energy Plus can enroll attractive customer groups and will provide NRG an effective retail platform to expand its customer services and products in multiple retail markets, particularly the northeast.
The transaction will add immediate scale to NRG's expanding retail customer base in the Northeast as more than 90 percent of Energy Plus customers are in states such as New York, Connecticut, Pennsylvania, New Jersey, Maryland and Illinois. Energy Plus also sells electricity in Texas and natural gas in New York and New Jersey.
With Energy Plus' leading rewards programs, Reliant's strength providing smart energy solutions and Green Mountain's position as the nation's premier clean energy provider, NRG will offer three distinct retail value propositions.
With its mix of quality service, energy choices and ongoing rewards programs combined with the support of NRG, Energy Plus is poised to continue its growth serving customers and as a valuable member of the Philadelphia business community.
The transaction is subject to customary closing conditions and regulatory approvals, including from the U.S. Department of Justice (Hart Scott Rodino) and the Federal Energy Regulatory Commission as well as other regulatory notices and closing is expected to occur in October.